Last month, Changing Gears teamed with authors and CNN anchors Ali Velshi and Christine Romans to collect your questions on the personal finance issues that you’re facing because of the recession.
Today, we’re bringing you the first in a series of
Midwest Money answers from Ali and Christine, based on their new book, How To Speak Money: The Language and Knowledge You Need Now. (Each person whose question is used will receive a copy of the book.)
Our first question is from Anjana Kapoor of Sterling Heights, Mich. She writes:
I have a underwater mortgage that I am trying to get refinanced, but have been unable to so far. I have been punctual in my payments so far for 8 years, and I still have to pay PMI (personal mortgage insurance). Please let me know how I can get rid of it and refinance my house.
Ali and Christine respond:
Anjana, you are smart to try to tackle the biggest hurdle to growing your wealth — that underwater mortgage. It will take many hours of hard work and false starts to get it done. No one, and we repeat, no one, has told us this was an easy or fair process.
One successful refinancer told us it took her more than 100 hours of paper work and phone calls. But it is worth it if you qualify. How do you know if you can do it? Continue reading
The recession has played havoc with personal finances all over the Midwest, whether you’re starting from scratch, or trying to stretch your budget to get through these hard times. It can be hard to get good advice on what to do.
Rest easy. We’re offering some Midwest Money help. Two of the country’s leading experts on personal finance issues — Ali Velshi and Christine Romans– are teaming up with Changing Gears to provide some answers.
They are the authors of the new book, How to Speak Money: The Language and the Knowledge That You Need Now.
Here’s your chance for Midwest Money advice. Send us anything that’s on your mind, from retirement, to job hunting, to your mortgage and more.
We’ll pose your questions to Ali and Christine, and publish their answers every day during the week of Dec. 19. And, if they pick a question that you sent in, you’ll get an autographed copy of their new book
Post your questions here.